Recently, Xbitway.com site appeared, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather credible proof that clearly indicates it is, actually, a fraudulent platform.
Despite what Xbitway site says, they won’t give back your money. Regardless of the money displayed in the “member area”, there is absolutely no possibility to withdraw even a penny. All pledges regarding crypto rewards are hollow as well.
Xbitway Scam Overview
The primary feature that Xbitway strives to provide is a safe and convenient cryptocurrency wallet service. The site pledges exchange facilities, tools for handling wallets, transfers, dashboards, and similar stuff. In truth, they endeavor to emulate the functionality of a crypto trading platform, like Binance or Coinbase. However, it in fact exclusively serves as a shell intended to lull the vigilance.
Initially, Xbitway imitates the appearance of multiple similar websites. There are quite a few examples, like Buffetex, Buffexy or Bullbearfortress. They are completely undistinguishable in terms of graphic elements, with minor discrepancies in the webpage header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Most likely, all these fraudulent sites are managed by a single gang of scoundrels.
Cryptocurrency Scam Summary
|Hosting||AS13335 Cloudflare, Inc.
United States, San Francisco
|Scam Type||Fraudulent offers of cryptocurrency services|
How the Xbitway Scam Works?
Xbitway is yet another online platform within a wide-ranging network of associated crypto fraudulent platforms. The administrators employ different brand titles and sites, like Xbitway.com, to ensnare victims. Nevertheless, these fraudulent sites possess matching designs, terms of service, and About content. This unveils their beginnings as parts of the same criminal network, which advocates the similar type of scam under different covers. The deceivers merely duplicate the identical scam website under diverse names to mislead users into thinking they are enrolling a fresh venture. However, in reality, it’s the identical group of scammers orchestrating the fraudulent pledges and undertakings to seize deposited cryptocurrency. The managers shrewdly make use of psychological tactics and captivating offers to implement their dishonest schemes.
Step 1: Spreading
To begin the deceptive scheme, criminals create and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and sponsored promotions (when achievable), fraud actors boost the visibility of their deceptive activities to possible victims. This strategy enables them to create a wide net and connect with their targeted viewers. The latter usually comprises of cryptocurrency fans looking for opportunities to earn profits.
Users get an encouragement to sign up, drawn by the assurance of obtaining crypto rewards valued at hundreds of dollars, all without cost. To augment the appeal of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.
Step 2: Gaining Traffic
People who show interest check out Xbitway.com via links present in advertisements or bot-generated posts. The website uses captivating visuals, design features that appear genuine, and assertions of possessing a valid license, all designed to convey an initial image of credibility.
Step 3: Data Gathering
To collect their rewards, users must actively sign up on Xbitway and receive guidance to submit sensitive and personal data during the registration process. This comprises linking their cryptocurrency wallets, revealing email addresses, supplying phone numbers, furnishing identification papers, and more.
Step 4: Requesting funds
Once registered, users notice significant amounts of cryptocurrency, valued at hundreds of dollars, within their Xbitway wallets. Nonetheless, as it usually happens with such bonuses, you are unable to withdraw them prior to making a deposit. Typically, a payment of $100 is asked to withdraw the sign-up bonus. This stipulation serves as the trap that ultimately results to the money loss.
Step 5: Disappear
The moment the deposit is made, the scammers halt all contact. They go ahead to bar users, erase accounts, and vanish with both the deposited funds and critical personal details. The fictitious prizes continue to be perpetually uncredited, as they lack genuine existence. They act purely as a phishing maneuver. This technique forms the foundation for the deceivers’ capability to trick victims and misappropriate hard-earned funds through their deceptive online crypto scam.
Signs of Scam
I gathered several facts that point at the scammy nature of the Xbitway.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- Unsubstantiated Credibility. Xbitway employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
- Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Xbitway exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Xbitway as a scam.
- Dubious Corporate Information. Xbitway arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
- Exclusive Cryptocurrency Payments. Xbitway.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
- Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
- Groundless Hype Tactics. Xbitway utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.
What Should I do as a Victim?
If you had to deal with Xbitway site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.
- Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
- Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
- Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
- Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
- Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.
Scan your system for possible malware infections
Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.
Throughout the timeline of the fraud, its actors may get in touch with you with particular documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency assets. As we already figured out, these deceivers have no intention of giving back your funds. So, what can these email messages and browser add-ons represent? You guessed it right – that is another element of the deceptive plan designed to throw you into willingly installing destructive applications onto your device.
Both extensions and files attached to emails can function as a carrier for various malicious code. In this situation, I anticipate the presence of spyware and stealers among other forms of malware. While it is not obligatory for scammers to distribute malware, the probability is always above zero. As previously mentioned, their conscience is of little concern, and their dignity is already seriously marred. They have no scruples to lose and intend to boost revenues.
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Trojan Killer for “spyware” removal on locked PC
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Step 2: Update Signature Databases:
5. After launching Trojan Killer, ensure that your computer is connected to the Internet.
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Step 3: Scan the Infected PC:
7. Safely eject the USB flash drive from the clean computer.
8. Boot the infected computer to the Safe Mode.
9. Insert the USB flash drive.
10. Run tk.exe
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Step 4: Remove Found Threats:
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Step 5: Restart Your Computer:
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16. Remove the USB flash drive from the infected computer.
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Frequently asked questions
The vast majority of information posted on the Xbitway site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.
No, there is no legitimate information on the Xbitway site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.
Unfortunately, recovering funds lost to a scam like Xbitway can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.
Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:
- Too Good to Be True Promises. Be cautious of offers that promise unrealistically high returns or guaranteed profits. If an investment opportunity sounds too good to be true, it likely is.
- Pressure to Act Quickly. Scammers often use tactics like creating a sense of urgency to pressure you into making quick decisions. Legitimate investments allow you time to research and consider your options.
- Lack of Regulation or Licensing. Check if the platform or service is regulated and licensed by relevant authorities. Scammers often operate without proper authorization.
- Social Proof and Celebrity Endorsements: Be skeptical of endorsements from celebrities or public figures. Scammers often fabricate endorsements to gain credibility.
- Check for Reviews and Feedback: Look for independent reviews and feedback from other traders. Scammers may fabricate positive reviews, but negative reviews can provide valuable insights.
If you have become a victim of a Xbitway or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:
- Cease Communication. If you realize that you’ve been scammed, stop all communication with the scammers. Do not respond to their emails, messages, or calls.
- Document Everything. Gather and preserve all relevant information, including emails, screenshots, transaction records, and any communication you had with the scammers. This documentation will be crucial for reporting the scam and seeking assistance.
- Report to Authorities. File a report with your local law enforcement agency and any relevant regulatory authorities in your country. Provide them with all the evidence you have gathered. This helps initiate investigations and raises awareness about the scam.
- Contact Financial Institutions. If you made any payments or deposits using your credit card or bank account, contact your financial institution immediately. They may be able to help you with disputing transactions or initiating a chargeback.
- Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
- Notify Cryptocurrency Exchanges. If you used a cryptocurrency exchange to make transactions related to the scam, notify the exchange about the fraudulent activity. They may be able to assist you in some cases.
- Monitor Your Accounts. Keep a close eye on your financial and online accounts for any suspicious activity. Change passwords and enable two-factor authentication wherever possible.
The truth about Xbitway
Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Xbitway, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Xbitway scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.
Operating System: All
Application Category: Crypto Scams
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